The phrase Ponzi scheme dates back well before Bernie Madoff defrauded investors out of $65 billion. Between 1882 and 1949, Charles Ponzi, an Italian immigrant, found a loophole in currency exchanges.

The term originated with Charles Ponzi, a Boston swindler who conned investors out of millions in 1920 by promising returns of up to 100% in 90 days on investments in foreign postal coupons.

The theater play is based on the life of Charles Ponzi. The “Ponzi scheme,” the most widespread financial scam model, devised a century ago by Charles Ponzi, the Italian adventurer who emigrated to ...